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United Artists Sees Fortunes Rising

DENVER-The sixth-largest owner of US movie theaters sees increased revenues, and profits rather than huge losses, despite operating fewer screens. It was in Chapter 11 bankruptcy earlier this year.

By John Rebchook | Updated on November 02, 2001

DENVER-Harry Potter, the expected blockbuster movie, hasn’t even hit the screens yet. Still, United Artists Theatre Co. is reporting stellar earnings.

The sixth-largest owner of movie theaters across the US is controlled by Denver billionaire Philip Anschutz, who brought it out of Chapter 11 bankruptcy after buying the company last year.

Despite a 9.5% decline in the average screens operated, UATC’s consolidated revenue for the third quarter increased 6.2% over the same period in 2000 to $158.6 million. Earnings before interest, taxes, depreciation and amortization, increased 23.3%, to $23.3 million, from the third quarter of 2000. UATC’s net earnings, exclusive of extraordinary items related to its reorganization under Chapter 11, were $6.2 million, compared to a $30-million loss in 2000.

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